DGAP-News: Tipp24 continues success story (english)
Aug 5, 2011 8:44 AM
Tipp24 continues success story
DGAP-News: Tipp24 SE / Key word(s): Half Year Results
Tipp24 continues success story
05.08.2011 / 06:44
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Press release
Report on the first six months of 2011
Tipp24 continues success story
- Consolidated revenue up by over 70 percent to EUR 70.1 million
- Consolidated EBIT grows by factor of five to EUR 33.8 million
- Favourable statistics and litigation settlement drive leap in growth
(Hamburg, 5 August 2011) Following record earnings in fiscal 2010 and a
very good first quarter, Tipp 24 SE continued its success story in the
second quarter of 2011. In the first six months of 2011, consolidated
revenue rose by 72.4 percent to EUR 70.1 (prior year: 40.6) million - the
company's Abroad segment once again contributing the lion's share.
Consolidated EBIT reached EUR 33.5 (6.5) million with a rise in the EBIT
margin from 16.1 to 47.8 percent. This growth in EBIT by a factor of over
five resulted mainly from a more favourable payout statistic compared to
last year, as well as from the settlement of a legal dispute of MyLotto24
Limited concerning the payment of an insurance amount.
This success of Tipp24 SE was once again driven by the Abroad segment.
Revenue rose to EUR 69.8 (40.3) million, while EBIT improved to EUR 38.3
(10.0) million in the first six months.
Key factors for business in the German segment were the significant
regulatory restrictions imposed on lottery activities as well as start-up
losses in the Skill-Based Games division. Revenue in Germany reached EUR
1.8 (1.6) million in the period under review, while EBIT amounted to EUR
-3.8 (-4.0) million.
European Commission demands federal states make sweeping changes to current
draft of new State Treaty on Games of Chance
On 18 July 2011, the European Commission issued a statement regarding the
draft of Germany's 15 federal states for a revised State Treaty on Games of
Chance. In its 'Detailed Opinion', the Commission criticised in unusually
clear terms the restrictions contained in the draft. The Commission stated
it could not detect any 'coherent and systematic limitation' and that the
current draft failed to provide adequate reasoning. The federal states were
strongly recommended 'not to accept' the draft in its current form.
Dr. Hans Cornehl, CEO of Tipp24 SE, states: 'The Commission's unequivocal
criticism forces the states to substantially improve the proposed
restrictions - such as the lack of permission criteria for the brokerage
and marketing of lotteries. We continue to appeal to Germany's political
leaders to develop EU-compliant legislation which takes into account that
there is simply no such thing as lottery addiction. Following the necessary
legal amendments, Tipp24 is prepared to resume its activities in Germany
with immediate effect.'
Forecast
After notification from MyLotto24 Limited that an insurance payment had
been received, the company upgraded its forecast for the year. Tipp24 SE
increased its forecast for consolidated EBIT in fiscal year 2011 to EUR 40
million. Revenue is still expected to reach at least the prior-year level
of EUR 104 million. This forecast takes into consideration uncertainties
regarding negative statistical fluctuations and increased costs for
re-establishing business in Germany of up to EUR 10 million.
Quarter comparison: Q.II 2011 / Q.II 2010
^
in EUR thsd. 2011 2010
Revenue 35,799 15,646
- Germany 832 720
- Abroad 35,664 15,488
EBIT 22,238 -1,523
- Germany -1,872 -2,175
- Abroad 24,674 644
Net profit 15,774 -1,625
°
Half-year comparison: 2011 / 2010
^
in EUR thsd. 2011 2010
Revenue 70,073 40,636
- Germany 1,750 1,555
- Abroad 69,768 40,299
EBIT 33,522 6,540
- Germany -3,807 -4,030
- Abroad 38,278 10,039
Net profit 23,329 3,699
°
(Possible rounding differences due to presentation in EUR thousand)
About Tipp24 SE: Tipp24 SE (formerly Tipp24 AG) was founded in September
1999 and holds equity interests in a number of companies in Spain, Italy
and the UK, which enable participation in lottery-based games via the
Internet, especially via the websites www.ventura24.es, www.giochi24.it,
www.mylotto24.co.uk and www.tipp24.com. In Germany, Tipp24 Entertainment
GmbH operates the games platform www.tipp24games.de. From its foundation to
the end of 2008, Tipp24 SE brokered tickets worth over 1.5 billion euros to
the state lottery companies - in recent years over 330 million euros
annually. Following its successful IPO in 2005 (Prime Standard), the
company was admitted to the SDAX index in June 2009 and has been trading as
a European public limited company since December 2009.
Press contact:
Tipp24 SE
Andrea Fratini
Head of Media and Public Relations
Tel.: +49 40 32 55 33-660
E-mail: presse@tipp24.de
Internet: www.tipp24.de/presse/
End of Corporate News
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Language: English
Company: Tipp24 SE
Straßenbahnring 11
20251 Hamburg
Germany
Phone: +49 (0)40 325533-0
Fax: +49 (0)40 325533-77
E-mail: office@tipp24.de
Internet: www.tipp24-se.de
ISIN: DE0007847147
WKN: 784714
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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134536 05.08.2011
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